Swiss private bank Union Bancaire Privee (UBP) has reported a net profit of CHF176.4m for the full year ended 31 December 2016, a huge surge compared to CHF25.2m a year ago.

Revenue jumped 24.7% to CHF934.6m from CHF749.7m in the prior year. The bank attributed the rise to increase in interest income, fees and commissions related to expansion, mainly in Asia, and solid growth in the EMEA region.

The bank’s operating income surged 26.3% to CHF191.9m from CHF152m a year ago. Operating expenses rose 22.2% year-on-year to CHF634.7m due to the completion of integration of Coutts International, UBP said in its earnings statement.

Assets under management at the end of December 2016 were CHF118.3bn, a 7.6% rise compared to CHF109.9bn at the end of 2015. The bank said that the rise was mainly driven by the increase in assets in Asia and net inflows from institutional clients.

The bank’s Tier 1 capital ratio at the end of December 2016 stood at 24.3%, compared to 24.4% a year ago.

UBP CEO Guy de Picciotto said: "The external growth strategy that we have had in place for four years now, and the major investments we have made in our Asset Management division, are both bearing fruit. We are well positioned in those markets where we want to grow. Our ability to adapt, and to offer our clients solutions that meet their needs locally, are key factors in our success."

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